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On July 17 2008, the Luxembourg Parliament voted the law implementing the Directive 2007/44/EC as regards procedural rules and evaluation criteria for the prudential assessment of acquisitions and increases of holdings in the financial sector, by amending the Law of April 5 1993 on the financial sector (the 1993 Law) and the Law of December 6 1991 on the insurance sector (the 1991 Law).

Three takes on China's rather confusing law

Generally, under US federal income tax law, a foreign person's gain from the disposition of an interest in US real property is deemed to be effectively connected with a US trade or business. As a result, any such gain is subject to income tax at rates up to a maximum of 35% in the same manner as a US taxpayer. For this purpose, an interest in US real property includes any direct or indirect right to share in the appreciation in the value of real property. In addition, US source income received by a foreign person and not effectively connected with a US trade or business is generally subject to a flat 30% tax, although this rate may be decreased or eliminated by an applicable tax treaty or an exception under domestic US tax law. In contrast, non-US-source income received by a foreign person (such as income derived in respect of most swaps) is generally exempt from US federal income tax. Until recently, it was unclear whether income derived in respect of a swap on US real estate interests should be exempt from US tax.

On July 29 2008, the Financial Services Commission (FSC) issued the final Enforcement Decree, Ordinance (sihaengkyuchik) and other regulations (collectively, the FIS Regulations) to implement the Capital Market and Financial Investment Services Act, which reorganises and consolidates the legal framework governing the Korean capital markets and financial investment services industry. This new consolidated legal framework, which the FSC hopes to cause a big bang in the financial investment industry, however, requires financial investment companies to renew their registrations and/or authorisations under the Act to continue their existing businesses when the Act becomes effective on February 4 2009. Although the FIS Regulations will not become effective until February 4 2009, the provisions governing the renewal of existing authorisation and registration became effective on August 4 2008.

Singapore Press Holdings (SPH), Singapore Exchange (SGX) and FTSE Group launched the revamped Straits Times Index (STI) as well as 18 other new indices of the FTSE ST Index Series on January 10 2008.

A career that started in an Iraqi refugee camp, flirted with the bar, gained experience in external practice and is now settled in-house

The vagaries of the new law will mean big delays for competition enforcement

You wouldn't have thought that a bank's customer information could be an issue of national security. But Russia has decided that it is. The law on strategic enterprises, signed by President Putin on April 29, prevents foreign investors from buying more than a 25% stake in manufacturers of weapons and military equipment. Nothing unusual there; many countries have similar rules. The definition of a military manufacturer, however, includes the licence required for a particular encryption system. A system that many Russian banks use to protect their customers' details. So banks are suddenly defined as military manufacturers and cannot sell more than 25% of their equity abroad.

The Turkish Capital Market Board's (the CMB) established practice for approval of the offer price in a mandatory tender offer (MTO) appears to be up for an overhaul. In its groundbreaking decision dated May 16 2008, the 16th Administrative Court of Ankara appears to have tied the MTO price of the target company to the actual market price of a listed subsidiary. Specifically, the Court held that in the case of the acquisition of a listed company, the price offered to minority shareholders of a listed subsidiary in a MTO must also take into account its actual stock exchange price on the date of determination of the MTO price. Subject to the Council of State approving the ruling, MTOs triggered by an indirect change of control may become more expensive.

Do you want to be part of an economic surge? If so, the stock markets in Dubai are for you, say Husam Hourani and Izabella Szadkowska of Al Tamimi & Company